Singapore-listed palm oil producer Global Palm Resources Holdings Ltd, which is controlled by Indonesian Adijanto family, reported a 34% increase in net profit for the first quarter of this year on the back of higher revenue.
Global Palm booked IDR14.9 billion net profit in 1Q 2011 from IDR11.1 billion in 1Q 2010, said a press statement obtained by Insider Stories today.
Earning before interest, tax, depreciation, and amortization (EBITDA) of the company increased 12% to IDR22.5 billion from IDR20 billion.
Global Palm's revenue rose 34% to IDR88.3 billion from IDR66 billion because of higher average selling prices of crude palm oil (CPO), attributable to higher sales of both CPO and palm kernel oil (PKO). The CPO and PKO's ASP increased 19% and 148% to IDR7,706 per kg and IDR6,490 per kg respectively.
CPO sales volume recorded a 4% increase to 9,781 tons and PKO sales volume slightly increased 1% to 1,996 tons.
Global Palm added 205 hectares of new plantings, increasing its total planted area to 12,434 hectares as end of March 2011, of which 82% comprise of mature oil palm trees.
"Buoyant CPO and PKO prices continued to boost our top and bottom line in 1Q 2011," said Executive Chairman and CEO Suparno Adijanto.
Suparno Adijanto (Tan Hong Kiat) is one of Adijanto's sons which founded Rain Group. Suparno's sibling namely Pintarso Adijanto (Tan Hong Pheng) is the President Director of PT Resource Alam Indonesia Tbk (KKGI), Indonesia's tenth largest coal miner by coal concession area. Swandono Adijanto (Tan Hong Swan) is one of KKGI Commissioner.
The other siblings are Winoto Adijanto (Tan Hung Hwie), Muriati Adijanto (Tan Phe Phe), Pandjijono Adijanto (Tan Hong Phang), and Mariana Adijanto (Tan Phwe Leng).Rain Group is part of the Bumi Raya Utama Group which was established in 1960 by Adijanto (aka Tan Lim Hian), his younger brother Sunarjo Priostanto (aka Tan Lim Tai), and the late Agustinus Adiono. The group's core business is mining, timber, and plantations.
Disclosure: No position at the stock mentioned above.
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